ANALYSIS: Patents Forecast Widespread Reach of AI Tech in 2023

Artificial intelligence is driving important developments in technology, from controlling autonomous vehicles, to developing medical diagnoses, to combating climate change. The global AI market was valued at nearly $59.7 billion in 2021, and is estimated to reach $422.4 billion by 2028. In conjunction with the global AI market growth, the number of patents for AI technology are on an upswing, and a general survey of patents for AI technologies shows just how innovative these industries are becoming. The types and variety of patent filings for AI technologies in the fast-growing FinTech, biology and pharma, clean/green technology, and automotive industries further show that the expansion of AI advancements is inevitable, and next year should see a continuation of this trend in filings. There's also been significant cross-technology development, further driving AI's prevalence in a number of fields.